Wednesday, November 17, 2010

Market Update November 17th

Markets turned today but it seems to me like there is still a "c" leg up to test the bearish trendline from the descending triangle. Given the fact that the GM IPO is tomorrow and euro bounce, I think it favors a leg up to the 1190-1195 area. I remain long overnight and will sell and short if I am right on this "c" leg.

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